Premier Oil plugs well

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FTSE 250-listed Premier Oil yesterday said that it has plugged and abandoned a Vietnamese well despite discovering gas, after finding indications of overpressure which can be dangerous to drill in. “[It] was a frontier exploration well and was the first to test the prospectivity of the Oligocene section in the Phu Khanh Basin [in Vietnam],” said chief executive Simon Lockett. “The presence of deep clastic reservoir rocks and an active petroleum charge in this first wild cat exploration well is encouraging.”